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A spokesman said: “This has happened because of significant increases in the university’s costs and some changes in the curriculum offer which means, in a limited number of areas, that fewer staff are needed, while new areas, such as product design and fashion design, are under development.

“In addition, there has been a significant increase to National Insurance contributions and also to pension contributions.

“This has added £1.5m to the university’s staffing costs. The university will also have to find £340,000 for a recently introduced government training levy.

“Together, this adds nearly £2m to the university’s expenses, while tuition fees are frozen at the £9,000 limit for at least two further years.”

The university expects to run at a £650,000 surplus this financial year and £800,000 next year.